As we recently reported, the Mango Money MasterCard will soon have a great new savings account linked to it. The new terms and conditions for the Mango MasterCard have just been released on the Mango website.
The new terms and conditions and cardholder agreement for the Mango MasterCard were released today (or at least they were published on the Mango MasterCard website today). The terms and conditions include details of the new savings account feature that Mango cardholders will soon enjoy.
Here’s some of the terms related to the new savings account:
FDIC Insurance of Savings Account:
All funds transferred to your Savings Account continue to be fully insured by the Federal Deposit Insurance Corporation (“FDIC”) for up to the maximum amount per Accountholder as published by the FDIC.
Savings Account Restrictions; Adding and Withdrawing Funds:
You may not open a Savings Account unless you have a Card Account which is active, is not blocked, and does not have a negative balance. We reserve the right, in our sole discretion, to restrict eligibility to open a Savings Account to customers who have pre-existing Recurring Direct Deposit which exceeds a minimum threshold per calendar month. If you close your Card Account, your Savings Account will also be closed. Only natural persons are eligible to open a Savings Account and not, for example, a business entity.
To add funds to your Savings Account, you must first load them to your Card Account and then transfer them to your Savings Account. To withdraw funds from your Savings Account, you must transfer the funds from your Savings Account to your Card Account. You may not make any other type of outgoing transfer or transaction from your Savings Account; prohibited types of outgoing transfers from your Savings Account include, but are not limited to, transfers by check, wire, or Automated Clearing House (“ACH”). Purchase transactions and ATM withdrawals from your Savings Account are prohibited. We may allow you set up automatic recurring transfers from your Card Account to your Savings Account. If a scheduled automatic recurring transfer would exceed your available Card Account balance, the automatic recurring transfer will be declined and you will not be charged a fee.
Mango Money Savings Account Interest Rates
The terms also reveal more information about the great promotional rate the Mango Money savings account will provide:
This interest rate will remain in effect as long as you maintain your eligibility for the promotional rate. (See the Website for more details on promotional rate eligibility.) However, we may change the promotional interest rate at any time.
If your average daily balance is $5,000.00 or less, the interest rate paid on the entire balance in your Savings Account will be 4.99 % with an annual percentage yield of 5.10%.
If your average daily balance is greater than $5,000.00, an interest rate of 4.99% will be paid only for that portion of your average daily balance which equals $5,000.00. No interest will be paid on the remainder of your average daily balance. The annual percentage yield for this tier will range from 5.10% to 2.55%, depending on the balance in your Savings Account.
Once the promotional savings rates have expired, Mango’s standard rates will apply (which are still very good):
If your average daily balance is $5,000.00 or less, the interest rate paid on the entire balance in your Savings Account will be 2.96% with an annual percentage yield of 3.00%.
If your average daily balance is greater than $5,000.00, an interest rate of 2.96% will be paid only for that portion of your average daily balance which equals $5,000.00 USD. No interest will be paid on the remainder of your average daily balance. The annual percentage yield for this tier will range from 3.00% to 1.50%, depending on the balance in your Savings Account.
Congratulations to the folks behind the Mango Money card for what looks to be a great product!